Fintech group says decision follows review of portfolio and long-term priorities
Following a review of its business portfolio and long-term strategic priorities, the fintech firm announced on Tuesday that it will transition its UK-based remittance business, MonieWorld. The move will allow Moniepoint Inc. to focus its capital, technology and operational resources on its core financial services platform for businesses across Africa.
Launched in April 2025, MonieWorld was designed to serve Nigerians living in the United Kingdom, enabling them to send money directly to Nigerian bank accounts.
The decision to transition the service comes less than two years after Moniepoint established its UK operations, marking a strategic shift in an expansion that had been positioned as a bridge between the African market and the diaspora.
MonieWorld records early growth
Despite the decision to exit the business, Moniepoint said MonieWorld had gained significant traction since its launch.
According to the company, the platform recorded a 70 per cent increase in monthly transaction volume among UK-based diaspora customers who used cards, Apple Pay and Google Pay to make payments.
The fintech said the performance demonstrated demand for its cross-border payment infrastructure and provided valuable experience that could now be deployed in its primary African markets.
“Having validated its cross-border infrastructure and delivered value to thousands of diaspora users, the Group is now redirecting this technical, capital, and operational architecture toward its primary African markets,” the company stated.
Moniepoint said the transition would involve changes to roles and the redeployment of employees. Workers affected by the restructuring had already been informed and were being supported through the process, the company said.
Customers using the service will also receive updates on the transition, including timelines, next steps and arrangements concerning funds or transactions that remain in progress.
UK expansion came with significant investment
Moniepoint's UK venture began in February 2024 with the incorporation of Moniepoint GB.
The company said it subsequently committed about £1.2 million to setting up the UK operation, covering administrative expenses, technology infrastructure and compliance staffing needed to operate within the country's regulated financial system.
In July 2025, the group also secured a $2.5 million equity deposit to support the acquisition of Bancom Europe Ltd, an Electronic Money Institution authorised by the UK's Financial Conduct Authority.
“These foundation investments enabled the launch of MonieWorld in April 2025, which quickly gained traction including recording a 70% increase in monthly transaction volume among the UK diaspora using cards, Apple Pay, and Google Pay,” Moniepoint said.
The investments were part of the company's effort to establish the regulatory, technological and operational infrastructure required to serve customers in the UK.
However, the company has now opted to deploy the capabilities developed during that expansion elsewhere in its business.
What MonieWorld offered
Moniepoint GB launched MonieWorld as its first product in April 2025.
The service enabled UK residents to transfer money to any Nigerian bank account through a MonieWorld account, British bank cards, Apple Pay or Google Pay.
At launch, the company said the remittance platform was intended to be the first of several products designed to serve the African diaspora and deepen financial connections between Africa and the UK.
The transition therefore represents a change in the company's approach to the UK market, with Moniepoint choosing to concentrate its resources on markets where its broader financial services ecosystem already has a substantial customer base.
UK operation reported loss in 2024
The UK business had also recorded a loss before MonieWorld was launched.
For the 2024 financial year, Moniepoint GB reported a $1.2 million loss. The parent company, however, clarified that the figure largely reflected administrative and infrastructure costs associated with establishing the UK operation.
Moniepoint also spent $2.5 million during the year as an equity deposit linked to its acquisition of Bancom, the UK electronic money firm.
The spending reflected the significant upfront costs involved in establishing a regulated financial services operation in the UK.
Focus shifts back to African markets
While Moniepoint is transitioning its UK remittance operation, its business in Nigeria continues to expand.
Moniepoint Microfinance Bank remains one of the major players in Nigeria's fintech and digital financial services market, with its operations heavily focused on small and medium-sized businesses.
In 2025, the bank processed transactions valued at N412 trillion and disbursed more than N1 trillion in loans, according to figures reported by Nairametrics.
The loans were targeted largely at small and medium-sized enterprises, including provision stores, supermarkets and building materials traders, highlighting the company's focus on providing financial services to businesses that have traditionally faced difficulties accessing formal credit.
Its payments platform, Monnify, also recorded substantial growth during the year.
Monnify, Moniepoint's web payment gateway, processed transactions worth N25 trillion in 2025, driven by increased adoption of business-to-business and online payments.
The figures underscore the scale of Moniepoint's existing African operations and help explain the group's decision to concentrate investment and technical resources on its established business ecosystem.
Strategic recalibration
Moniepoint's decision to transition MonieWorld illustrates a broader strategic recalibration: rather than continuing to commit resources to building a relatively new presence in the UK, the company intends to apply the infrastructure and expertise developed there to its core African markets.
Although MonieWorld generated early customer and transaction growth, the company said the experience had achieved an important objective by validating its cross-border payment infrastructure.
For customers, the immediate focus will be on the orderly transition of the service, while employees affected by the restructuring will undergo role changes or redeployment.
Moniepoint said it would continue communicating with customers as the transition progresses over the coming weeks, particularly regarding timelines, outstanding transactions and the handling of funds still in the system.